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Doug Millington
Doug Millington, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 268
Experience:  Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
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Tax Line Mapping in Quickbooks - Help Please

Resolved Question:

Tax Line Mapping in Quickbooks. <br /><br />I need an accounting expert who is familiar with Quickbooks and can advise and verify ap all my account tax lines.  <br /><br />Company is a Sole-Propritorship, Mappings will be for Schedule C.<br /><br />Thank you!<br /><br /> <table border="0" cellspacing="0" cellpadding="0" width="551">          <tbody><tr height="21" style="height: 15.75pt">   <td class="xl65" width="192" height="21" style="height: 15.75pt; width: 144pt">Account</td>   <td class="xl64" width="16" style="width: 12pt"> </td>   <td class="xl65" width="112" style="width: 84pt">Type</td>   <td class="xl64" width="16" style="width: 12pt"> </td>   <td class="xl65" width="215" style="width: 161pt">Tax Line</td> </tr> <tr height="21" style="height: 15.75pt">   <td class="xl63" height="21" style="height: 15.75pt">Cash Drawer 1 - Quincy Mall</td>   <td class="xl63"> </td>   <td class="xl63">Bank</td>   <td class="xl63"> </td>   <td class="xl63"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Cash in Drawer</td>   <td class="xl67"> </td>   <td class="xl67">Bank</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Chase Checking</td>   <td class="xl67"> </td>   <td class="xl67">Bank</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">PayPal</td>   <td class="xl67"> </td>   <td class="xl67">Bank</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Accounts Receivable</td>   <td class="xl67"> </td>   <td class="xl67">Accounts Receivable</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">*Cash on Hand</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Asset</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Credit Card Receivables</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Asset</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Inventory Asset</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Asset</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Prepaid Expenses</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Asset</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Undeposited Funds</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Asset</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">12100 · *Inventory Asset</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Asset</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">20000 · Accounts Payable</td>   <td class="xl67"> </td>   <td class="xl67">Accounts Payable</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Sales tax payable</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">24000 · Payroll Liabilities</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">24700 · Customer Deposits</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">25100 · Employee Tips Payable</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">25200 · Gift Certificates   Outstanding</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">25300 · Gift Cards Outstanding</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">25500 · *Sales Tax Payable</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">26900 · Unbilled Purchases</td>   <td class="xl67"> </td>   <td class="xl67">Other Current Liability</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Owner's Equity</td>   <td class="xl67"> </td>   <td class="xl67">Equity</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">30000 · *Opening Balance   Equity</td>   <td class="xl67"> </td>   <td class="xl67">Equity</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">30001 · Opening Balance Equity</td>   <td class="xl67"> </td>   <td class="xl67">Equity</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">32000 · Retained Earnings</td>   <td class="xl67"> </td>   <td class="xl67">Equity</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Billable Expense Income</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Commission Income</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Discounts given</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Gross receipts or sales</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Fees Billed</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Markup</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Gross receipts or sales</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Refunds-Allowances</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Returns and allowances</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Sales of Product Income</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Gross receipts or sales</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Services</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Gross receipts or sales</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Shipping Income</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">46000 · Merchandise Sales</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Gross receipts or sales</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">48600 · Service Sales</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Gross receipts or sales</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">48900 · Shipping and Delivery   Income</td>   <td class="xl67"> </td>   <td class="xl67">Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Gross receipts or sales</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Cost of Goods Sold</td>   <td class="xl67"> </td>   <td class="xl67">Cost of Goods Sold</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Purchases, cost of goods</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">50000 · *Cost of Goods Sold</td>   <td class="xl67"> </td>   <td class="xl67">Cost of Goods Sold</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Purchases, cost of goods</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">52900 · Purchases - Resale   Items</td>   <td class="xl67"> </td>   <td class="xl67">Cost of Goods Sold</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Purchases, cost of goods</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">53500 · Subcontracted Services</td>   <td class="xl67"> </td>   <td class="xl67">Cost of Goods Sold</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Contract labor</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Advertising</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Advertising</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Bank Charges</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Billable Expense</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Materials/supplies, COGS</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Commissions & Fees</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Commissions and fees</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Cost of Labor</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Labor, cost of goods</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Dues & Subscriptions</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Hosting Fees</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Insurance</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Insurance, other than health</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Insurance - Disability</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Employee benefit programs</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Insurance - Errors &   Omissions</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Insurance, other than health</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Insurance - Liability</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Insurance, other than health</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Legal & Professional Fees</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Legal and professional fees</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Meals and Entertainment</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Meals and entertainment</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Office Expenses</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Office expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Other General and Admin   Expense</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Promotional</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Advertising</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Rent or Lease</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Rent/lease other bus. prop.</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Repair & Maintenance</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Repairs and maintenance</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Shipping & Freight</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other costs, COGS</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Stationery & Printing</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Office expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Supplies</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Supplies (not from COGS)</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Taxes & Licenses</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Taxes and licenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Training and Education</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Travel</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Travel</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Travel Meals</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Travel</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Utilities</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Utilities</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Website/Domain Purchases</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Write Offs</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Bad debts from sales/services</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">51100 · Freight and Shipping   Costs</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">59900 · POS Inventory   Adjustments</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other costs, COGS</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">61200 · Cash Drawer Payouts</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">66000 · Payroll Expenses</td>   <td class="xl67"> </td>   <td class="xl67">Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Wages paid</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Interest Earned</td>   <td class="xl67"> </td>   <td class="xl67">Other Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Other Income</td>   <td class="xl67"> </td>   <td class="xl67">Other Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Other Ordinary Income</td>   <td class="xl67"> </td>   <td class="xl67">Other Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">52500 · Purchase Discounts</td>   <td class="xl67"> </td>   <td class="xl67">Other Income</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business income</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Balancing Adjustments</td>   <td class="xl67"> </td>   <td class="xl67">Other Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Miscellaneous</td>   <td class="xl67"> </td>   <td class="xl67">Other Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">Penalties & Settlements</td>   <td class="xl67"> </td>   <td class="xl67">Other Expense</td>   <td class="xl67"> </td>   <td class="xl67">Schedule C: Other business expenses</td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">90000 · Estimates</td>   <td class="xl67"> </td>   <td class="xl67">Non-Posting</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> <tr height="20" style="height: 15pt">   <td class="xl67" height="20" style="height: 15pt">90100 · Purchase Orders</td>   <td class="xl67"> </td>   <td class="xl67">Non-Posting</td>   <td class="xl67"> </td>   <td class="xl67"> </td> </tr> </tbody></table>
Submitted: 3 years ago.
Category: Financial Software
Expert:  Doug Millington replied 3 years ago.

Doug Millington :

If you have a question about accounting, bookkeeping, QuickBooks or Peachtree I have the answer.

Doug Millington :

Ok - Let me take a look and I will get back with you shortly.

Doug Millington :

Your message is unreadable - it is filled with HTML code - you need to transfer your info into the chat window so I can help.

Doug Millington :

I"m going to step out of chat but remain online.

Customer: replied 3 years ago.
Account

Type

Tax Line

Cash Drawer 1 - Quincy Mall

Bank

<Not tax related>

Cash in Drawer

Bank

<Not tax related>

Chase Checking

Bank

<Not tax related>

PayPal

Bank

<Not tax related>

Accounts Receivable

Accounts Receivable

<Not tax related>

*Cash on Hand

Other Current Asset

<Not tax related>

Credit Card Receivables

Other Current Asset

<Unassigned>

Inventory Asset

Other Current Asset

<Unassigned>

Prepaid Expenses

Other Current Asset

<Unassigned>

Undeposited Funds

Other Current Asset

<Unassigned>

12100 · *Inventory Asset

Other Current Asset

<Unassigned>

20000 · Accounts Payable

Accounts Payable

<Unassigned>

Sales tax payable

Other Current Liability

<Unassigned>

24000 · Payroll Liabilities

Other Current Liability

<Unassigned>

24700 · Customer Deposits

Other Current Liability

<Unassigned>

25100 · Employee Tips Payable

Other Current Liability

<Unassigned>

25200 · Gift Certificates Outstanding

Other Current Liability

<Unassigned>

25300 · Gift Cards Outstanding

Other Current Liability

<Unassigned>

25500 · *Sales Tax Payable

Other Current Liability

<Unassigned>

26900 · Unbilled Purchases

Other Current Liability

<Unassigned>

Owner's Equity

Equity

<Unassigned>

30000 · *Opening Balance Equity

Equity

<Unassigned>

30001 · Opening Balance Equity

Equity

<Unassigned>

32000 · Retained Earnings

Equity

<Unassigned>

Billable Expense Income

Income

Schedule C: Other business income

Commission Income

Income

Schedule C: Other business income

Discounts given

Income

Schedule C: Gross receipts or sales

Fees Billed

Income

Schedule C: Other business income

Markup

Income

Schedule C: Gross receipts or sales

Refunds-Allowances

Income

Schedule C: Returns and allowances

Sales of Product Income

Income

Schedule C: Gross receipts or sales

Services

Income

Schedule C: Gross receipts or sales

Shipping Income

Income

Schedule C: Other business income

46000 · Merchandise Sales

Income

Schedule C: Gross receipts or sales

48600 · Service Sales

Income

Schedule C: Gross receipts or sales

48900 · Shipping and Delivery Income

Income

Schedule C: Gross receipts or sales

Cost of Goods Sold

Cost of Goods Sold

Schedule C: Purchases, cost of goods

50000 · *Cost of Goods Sold

Cost of Goods Sold

Schedule C: Purchases, cost of goods

52900 · Purchases - Resale Items

Cost of Goods Sold

Schedule C: Purchases, cost of goods

53500 · Subcontracted Services

Cost of Goods Sold

Schedule C: Contract labor

Advertising

Expense

Schedule C: Advertising

Bank Charges

Expense

Schedule C: Other business expenses

Billable Expense

Expense

Schedule C: Materials/supplies, COGS

Commissions & Fees

Expense

Schedule C: Commissions and fees

Cost of Labor

Expense

Schedule C: Labor, cost of goods

Dues & Subscriptions

Expense

Schedule C: Other business expenses

Hosting Fees

Expense

Schedule C: Other business expenses

Insurance

Expense

Schedule C: Insurance, other than health

Insurance - Disability

Expense

Schedule C: Employee benefit programs

Insurance - Errors & Omissions

Expense

Schedule C: Insurance, other than health

Insurance - Liability

Expense

Schedule C: Insurance, other than health

Legal & Professional Fees

Expense

Schedule C: Legal and professional fees

Meals and Entertainment

Expense

Schedule C: Meals and entertainment

Office Expenses

Expense

Schedule C: Office expenses

Other General and Admin Expense

Expense

Schedule C: Other business expenses

Promotional

Expense

Schedule C: Advertising

Rent or Lease

Expense

Schedule C: Rent/lease other bus. prop.

Repair & Maintenance

Expense

Schedule C: Repairs and maintenance

Shipping & Freight

Expense

Schedule C: Other costs, COGS

Stationery & Printing

Expense

Schedule C: Office expenses

Supplies

Expense

Schedule C: Supplies (not from COGS)

Taxes & Licenses

Expense

Schedule C: Taxes and licenses

Training and Education

Expense

Schedule C: Other business expenses

Travel

Expense

Schedule C: Travel

Travel Meals

Expense

Schedule C: Travel

Utilities

Expense

Schedule C: Utilities

Website/Domain Purchases

Expense

Schedule C: Other business expenses

Write Offs

Expense

Schedule C: Bad debts from sales/services

51100 · Freight and Shipping Costs

Expense

Schedule C: Other business expenses

59900 · POS Inventory Adjustments

Expense

Schedule C: Other costs, COGS

61200 · Cash Drawer Payouts

Expense

<Not tax related>

66000 · Payroll Expenses

Expense

Schedule C: Wages paid

Interest Earned

Other Income

Schedule C: Other business income

Other Income

Other Income

Schedule C: Other business income

Other Ordinary Income

Other Income

Schedule C: Other business income

52500 · Purchase Discounts

Other Income

Schedule C: Other business income

Balancing Adjustments

Other Expense

Schedule C: Other business expenses

Miscellaneous

Other Expense

Schedule C: Other business expenses

Penalties & Settlements

Other Expense

Schedule C: Other business expenses

90000 · Estimates

Non-Posting

<Unassigned>

90100 · Purchase Orders

Non-Posting

<Unassigned>


Hopefully this paste from Word is ore legible, it looks like it just posted hte html instead of parsing it.

Thanks
Jason Seabolt
Expert:  Doug Millington replied 3 years ago.
OK - It will take me a few minutes to review and I will get back with you.
Expert:  Doug Millington replied 3 years ago.

OK - Here goes

 

(1) All of your balance sheet accounts - Accounts Receivable, Other Current Asset, Accounts Payable, Other Current Liability and Equity should be "not tax related" NOT "unassigned"

 

(2) You have two Shipping Income accounts - one called "Shipping Income" and one called "Shipping and Delivery Income" both should go to "Gross Receipts or Sales"

 

(3) Account 53500 Subcontracted Services is going to "Contact Labor" this might be "Labor, cost of goods"

 

(4) You have two Shipping & Freight expenses one called "Shipping & Freight" and one called "51100 Freight and Shipping Costs" both should go to "Other costs, COGS"

 

(5) Travel Meals should go to "Meals and Entertainment"

 

(6) 61200 Cash Drawer Payouts could be anything from postage to COGS you need to see what is in this account

 

(7) Interest Earned should go to "Schdule B: Interest Income"

 

(8) 52500 Purchase Disoc**ts should go to "Purchases, cost of goods"

 

(9) Estimates and Purchase Orders should go to "not tax related"

 

(10) If any of the health insurance or disability insurance is for you (the owner) then it is not deductible on Schedule C - your health insurance would go to - well QuickBooks does not have a correct tax line maping for this - but it goes on the 1040 as an adjustment to income

 

(11) Please note that the employees health insurance is correct

 

Let me know if you have any follow-up questions.

 

 

 

 

Doug Millington, Certified Public Accountant (CPA)
Satisfied Customers: 268
Experience: Bachelor of Science Cornell University 1979 - CPA since 1981 - Certified QuickBooks ProAdvisor - 30+ years experience.
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